European Commission Fines NYK EUR 141.82M After 6 Years Of Investigation

Nippon Yusen Kabushiki Kaisha (“NYK”) has been investigated by the European Commission (“the Commission”) since September 2012 for a suspicion of violating the EU competition law in connection with ocean shipping services for cars and trucks.

In this connection, on February 21, 2018 (Belgium time), the Commission has decided to impose a fine of EUR 141.82 million (equivalent to 18.8 billion yen) on NYK.

Representation Image – Credits: nykroro.com

NYK has been fully cooperating with the investigation conducted by the Commission. Having comprehensively taken into consideration factors such as the applicable laws and the facts found through the investigation, NYK has continued a series of discussions with the Commission for reaching a settlement, and as a result, the above fine has been imposed on NYK. NYK has already recognized 19.6 billion yen as provision for the fines on the Consolidated Financial Results for the Nine Months Ended December 31, 2017 (published on January 31st, 2018). There is not expected to be any material impact on the Consolidated Financial Results Forecast for the fiscal year ending March 2018.

NYK has been committed to complying with the spirit of laws and regulations of Japan and all other jurisdictions. Nevertheless, NYK wishes to express its sincere regret to shareholders, customers and all relevant personnel for the concern caused by this matter. NYK will continue to make a best effort to prevent recurrence and to recover trust as a company.

Press Release